The Mada’in Properties PJSC story
Established as a PJSC with a paid-up capital of AED 500 Million.
Commenced procurement of strategic land sites across Dubai.
Secured finance of approximately AED 700 Million through a mix of a syndicated loans and other Islamic facilities. Share capital was increased through a bonus share offering to AED 550 Million
Share capital increased further by a bonus share offering to AED 577.5 Million based on 2008 performance. However, with the onset of the global financial crisis, Mada’in Properties PJSC focused on:
- Reduction in operational cost of over 70% while still maintaining operational efficiency.
- Consolidation of portfolio and renegotiation with creditors with an aim to reduce liabilities.
Revocation of the syndicated loan and other Islamic facilities forced Mada’in Properties PJSC to review its strategy moving forward.
- Secured a new Islamic finance facility for Marina Arcade project for AED 100 million.
- Secured a joint venture partner for AED 200 Million for the Marina Arcade project.
Reduction in share capital to AED 224 Million mainly due to impairments on the land bank. Joint venture partner rescinded on the commitment forcing Mada’in Properties PJSC to re-strategize its developments.
Tendered for the construction of Marina Arcade residential project. The project was awarded to Al Rostamani Pegel LLC.
Commenced construction of Marina Arcade residential project. Completed consolidation of its portfolio.
Steady progress in the construction of the Marina Arcade project along with the completion of the superstructure and show apartments.
Completion of Marina Arcade residential project.